1098-T Reporting

The IRS Form 1098-T is a statement colleges and universities are required to issue to certain students providing the qualified tuition and related expenses (QTRE) 支付.

In years prior to 2018, IRS Form 1098-T (Tuition Statement), included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) the College 宣传 to the student for the calendar year. Due to a change to institutional reporting requirements under federal law, beginning with tax year 2018, the College will report in Box 1 the amount of QTRE 支付 during the calendar year.  这 means you will no longer see an amount in Box 2, but rather in Box 1.  Payments from any source (except scholarships that cannot be used to cover QTRE) are reported in Box 1, up to the amount of QTRE 宣传 in the calendar year.

Form 1098-T also reflects the amount of scholarships and grants awarded to the student for the same tax year. The College is required to report this information annually on each student who meets the IRS’ reporting requirements. If the scholarships and grants awarded in a calendar year are in excess of QTRE, a  Form 1098-T will not be issued. 

Depending on the student's income (or family income, if the student is a dependent), whether the student is considered a full-time or part-time student, and the amount of qualified educational expenses for the year, the student 五月 be eligible for a federal education tax credit. You can find detailed information about claiming education tax credits in IRS Publication 970. The amounts reported on the Form 1098-T 五月 assist in completing the IRS Form 8863, the form used in calculating the education tax credits that a taxpayer 五月 claim as part of their tax return.

富兰克林 & 马歇尔 College is unable to provide students or their families with individual tax advice, but if you have questions, please seek the counsel of a tax preparer or 顾问.

The 1098-T forms are mailed to the student's permanent home address prior to January 31 each year (to students who meet the IRS’ reporting requirements). The form is also available to students online under the myDiplomat portal by clicking on the My Info tab from the Navigation menu. The 图标 is called 1098-T Tuition Statement Tax Form.  Enter the tax year as 20xx and click the Submit button.

Request for 学生's Social Security Number (SSN)

You 五月 receive a notice from F&M through the mail asking for the student’s SSN. 这 request is for 1098-T reporting purposes. All 1098-T forms require a taxpayer identification number (TIN) or a social security number (SSN). If we do not have an SSN on file for a student, a W-9S form will be sent to the student’s permanent resident address requesting their TIN or SSN for this purpose. 学生s who do not provide their TIN/SSN to institutions that are required to file information returns on their behalf 五月 be subject to penalties 由美国国税局. The College must file a Form 1098-T for the student, even if the student fails or refuses to provide a TIN/SSN.   

Note to International 学生s & 1098-T Reporting

In general, reporting under Form 1098-T is not required for non-resident alien individuals, unless they ask the institution to report such information. Since the College 五月 not have enough information to determine residency of most international students, a  Form 1098-T will be issued to all eligible internationally-designated students.